Kennedy Wilson has acquired the multi-let Heathrow Estate industrial asset in West London for $111m.
The asset comprises approximately 300,000 sq ft of modern warehouse and ancillary office space and is 84% let to a diverse mix of occupiers including Asendia, Tailsco and HSS Hire.
Kennedy Wilson said Heathrow Estate provided attractive short- to medium-term opportunities to add value through the extension of existing tenant leases and the leasing of vacant units.
Mike Pegler, president of Kennedy Wilson Europe, said: “This acquisition demonstrates our ability to identify attractive investments in established distribution locations with strong underlying fundamentals that provide excellent potential for rental growth. We are pleased to expand our growing global industrial platform, and we are now focused on executing the business plan while leveraging our expertise to capture significant reversion through accretive and targeted capital expenditure.”
